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Question: I'll stop mining with my gpus/fpgas when Bc price hits
Until it's no longer profitable - 6 (13.6%)
<1-5$ - 3 (6.8%)
7$ - 2 (4.5%)
10$ - 3 (6.8%)
Until asic's arrival - 16 (36.4%)
Never stop - 14 (31.8%)
Total Voters: 44

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Author Topic: The end is nigh  (Read 8434 times)
the joint
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February 17, 2012, 10:23:41 PM
 #21



Price IS IRRELEVANT.   All that matters is price/difficulty. 


 Huh  And the irrelevant part is...


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February 17, 2012, 10:34:01 PM
 #22

Price IS IRRELEVANT.   All that matters is price/difficulty. 
Nitpicking, but those two statements contradict each other.  Price is relevant if price/difficulty is relevant.


True.  It would be more accurate to say price ALONE is just as irrelevant as difficulty alone.

Quote
Either way, I know what you mean, and I agree to an extent.  Except, price/difficulty isn't a perfect relationship.  There will be more people mining, relative to the price/difficulty ratio, at a lower price, than there will be at a higher price.  That is because everyone only has a certain amount of efficiency.  There are only so many miners with free electricity, and beyond that, there are only so many miners with electricity at $0.4/kwh, etc, etc. 

So, difficulty will be lower at lower prices, but will be reduced at a slower rate than price is reduced.  If priced is reduced by a factor of 10, difficulty may only be reduced by a factor of 8.

While there isn't a  1:1 correlation and there is a lag between movement in price and movement in difficulty as a miner it is still price/difficulty that determines you profitability.

Quote
I do agree that it is rather silly to pick a specific price that your own mining operations will cease to continue, simply because that would imply knowing what the difficulty will be at that price

So much better poll would be what price/difficulty will you be forced to quick.

Converting units it is sometimes easier to look at USD per day per GH/s since it takes both price & difficulty into account but is more tangible.  "If I have 1 GH/s I get x".

Bitcoinx makes some nice charts.  I wish it was in USD per GH/s instead of 100MH/s but just multiply by 10.



It is easy to determine your breakeven.

Operating Cost per Day per GH/s = 24*(Electrical rate)/(MH per W)

So if you have $0.10 per kWh and an efficient rig of say 2.5 MH/W then operating cost = 24*(0.10)/2.5 = $0.98

It costs about $0.98 per GH to operate.  Divided by 10 for the chart above it is ~$0.10.  If the green line drops below $0.10 you would be operating in the red.

Now lets look at a high cost low efficiency miner.  $0.28 per kWh and 1.7 MH/W.  Operating costs are 24*(0.28)/1.7 = $3.95 per GH.

On the chart above it would be drawing a horizontal line at ~$0.40.  Everything below that was operating in the red.

BTW the $0.10 & 2.5MH/W is my farm so Bitcoins are selling at roughly 300% of my electrical costs.  To be at breakeven price would need to fall to 1/3rd of today, difficulty rise to 300% of today or some combination. 
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February 17, 2012, 11:02:54 PM
 #23

It's much harder to determine break-even when you add A/C into the mix.  That's the part I'm having trouble with.  Multiple window A/C units throughout the house, along with miners, and the best way for me to determine actual costs is just to compare electric bills this year with last year.  I think I determined that it was costing me around $300 in electricity for 1.8 GH/s last summer... now I'm down to 1.4 GH/s, after dropping a card and lowering overclocks.  Maybe $225 in electricity required now.  To cover that, I'd need to make 1.7 BTC/day at current prices.  1.4 GH/s only makes me 1.0 BTC/day right now.  So.... if I have to turn on the A/C, I'll be turning off my miners first.
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February 17, 2012, 11:23:41 PM
 #24

price is irrelivent.

I will mine at $0.01 per BTC if difficulty falls 99.5%

What if the price is $0.01 because a flaw has been found, or an event occured which in another way has compromised the integrity of bitcoins?
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February 18, 2012, 01:32:33 AM
 #25

price is irrelivent.

I will mine at $0.01 per BTC if difficulty falls 99.5%

What if the price is $0.01 because a flaw has been found, or an event occured which in another way has compromised the integrity of bitcoins?

it's an open community. It would be fixed, and faith restored

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February 20, 2012, 04:51:33 PM
 #26

21 votes for "never stop" option, damn. Do you guys all have free energy?

 
No, I did SETI@home for free until I discovered bitcoins.  So I'll keep mining these since it has great potential... better, IMO, than chasing green tiny men in rocket ships. Smiley

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November 20, 2012, 04:49:09 PM
 #27

Cheap electricity here, $0.075/KWh  and even if mining came unprofitable, I'll continue, as I've faith in the protocol to become widely used some day !

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November 21, 2012, 12:50:23 AM
 #28

Cheap electricity here, $0.075/KWh  and even if mining came unprofitable, I'll continue, as I've faith in the protocol to become widely used some day !


this thread was from february... lol

If you enjoyed the advice I gave, feel free to toss over some loose change Smiley
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November 21, 2012, 02:12:04 PM
 #29

I breakeven about $8.40 if the price falls below that I'm out.  

I'm just running a couple of 5830's 24x7 when they're not used for gaming (so I'm ignoring equipment cost).

$0.15 kWh 340W 520MH/s

http://bitcoinx.com/profit/index.php

We're converting the cost of electricity into bitcoins so know your kWh and W and MH/s or you could be losing money.

You need to start your poll much higher than $3, more like $10 me thinks! Roll Eyes

Just buy the coins, if you believe in the protocol, and it's uneconomical to mine.
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November 23, 2012, 06:31:12 AM
 #30

Dude this thread is from FEBRUARY. That's why it was dead, and that's why the poll makes no sense now.

https://bitcointalk.org/index.php?topic=130982.msg1401799#msg1401799 - [BTC-TC]bASIC-MINING
http://forum.litecoin.net/index.php/topic,886.0.html - [LTC-GLOBAL]LTC-DMF
http://forum.litecoin.net/index.php/topic,817.msg3279.html#msg3279 - [CRYPTOSTOCKS]AGLTC

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November 23, 2012, 09:13:45 AM
 #31

Dude this thread is from FEBRUARY. That's why it was dead, and that's why the poll makes no sense now.

That is freaking hilarious! It all makes sense now.

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November 23, 2012, 09:33:42 AM
 #32

Oh my, my ancient thread was resurrected. Grin
 I've fixed february price to actual and reset the counter.

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November 27, 2012, 04:50:18 AM
 #33

I voted "until asic's arrival", but that's not entirely accurate -- I plan to move gpu mining to LTC

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November 27, 2012, 07:32:20 PM
 #34

You should edit the poll and run it again!

Why did I sell at $5! Come back to me my old bitcoin! 1GjeBGS4KrxKAeEVt8d1fTnuKgpKpMmL6S
If you don't like the price of BTC come back in 8 hours.
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November 27, 2012, 11:50:57 PM
 #35

You should edit the poll and run it again!
Where's the "Until it's not longer profitable" Option?

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November 28, 2012, 02:04:45 AM
 #36

I breakeven about $8.40 if the price falls below that I'm out.  

I'm just running a couple of 5830's 24x7 when they're not used for gaming (so I'm ignoring equipment cost).

$0.15 kWh 340W 520MH/s

http://bitcoinx.com/profit/index.php

We're converting the cost of electricity into bitcoins so know your kWh and W and MH/s or you could be losing money.

You need to start your poll much higher than $3, more like $10 me thinks! Roll Eyes

Just buy the coins, if you believe in the protocol, and it's uneconomical to mine.

$0.14 here and block halving worries me.  I might have to just end up buying coins soon.
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November 28, 2012, 03:29:35 AM
 #37

The only thing that would cause a crash is people panicking over the value possibly dropping.

Take out the stupid humans who scream and yell about a crash and shout "SELL BEFORE THEY'RE WORTHLESS" at everyone, and the value should stabilize at ~$10-15.

Supply and demand applies to BitCoins.
What happens to supply and demand if everyone is trying to sell?
Supply goes up, demand goes down.
Just like how the value went from $10 to $12 while everyone was saying to buy and hold.
Less coins going into the market, more coming out, higher value.

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November 28, 2012, 03:32:06 AM
 #38

I may switch to solo mining with my GPUs and take a chance before the ASICs go online.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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November 28, 2012, 05:53:40 AM
 #39

21 votes for "never stop" option, damn. Do you guys all have free energy?

Believe it or not, some of us have faith in the network and system as a currency, not as a get rich quick scheme.

I think a lot of people will be mining Bitcoins for fun too in the future, it may well get too ridiculous for a lot of people if they want to profit from it but I think that's a good thing because then Bitcoin will be used as a currency more than a way to get rich from exchange rates.
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November 28, 2012, 04:34:57 PM
 #40

You should edit the poll and run it again!
I edited it few days ago.

You should edit the poll and run it again!
Where's the "Until it's not longer profitable" Option?
Added.

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